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Earnest knows the house values in Satellite beach

The median cost of a house in Satellite beach is somewhere around $273,100. The per square foot price is around $178 which is almost $50 more than in areas around Satellite beach. Every year the price is increasing by 5.1 % but the overall amenities and the location makes the houses worth buying. A house in Satellite beach is not cheap but Earnest offers you the best mortgage rates in the market. Earnest knows how important your money is and understands that it should be spent in the right way.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.

Experience the beauty of oceanfront

Satellite beach promises a view of the oceanfront and its fauna

Satellite beach is a part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area and surrounded by The Atlantic Ocean and the Indian river. Due to its location, Satellite beach enjoys both tropical as well as temperate climates. The oceanfront has become one of the major attraction points of satellite beach. The picturesque beach is home to sand dunes and sea turtles who flock to lay their eggs. You can witness a wide range of fauna like the loggerhead sea turtles, North Atlantic Right Whales, and the Bald Eagle. If you are lucky, you can even catch a glimpse of the beautiful yet endangered green sea turtles and the West Indian manatees. There are also different plant species which grow naturally in the region and you will find yourself transformed into a world of exquisite flora and fauna.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
Car is near the house drawn by hand on a sandy golden sea beach.

Earnest can help you with your mortgage

Have a bad credit score? No problem, we have a solution

Home values are constantly on the rise in Satellite beach. But it is still possible to get a budget-friendly home with Earnest’s mortgage rates. If you think that you want to purchase a house but are unable to do so because you have a bad credit score, don't worry. Talk to us. We understand that having a bad credit score can have a negative effect on mortgage rates but trust us, it’s not always true. If your current financial standings and future earnings are satisfactory, we can approve your mortgage with the lowest rate possible. You don’t have to compromise on quality if it is money you are concerned about. We will help you find a solution and make sure that the best house in Satellite beach is yours. At earnest, customer value and satisfaction is the highest priority and our customers have always been satisfied with our service.
Car is near the house drawn by hand on a sandy golden sea beach.

Common Questions About Satellite Beach Mortgage Rates

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

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The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.